1954-07-28 — Page 9

Rutile being 'mined' on pue of the Australian beaches. The mineral is used for the manufacture of titanium.

Australian Surf Beaches Boost The Jet Age

By George Farwell

THE CHINA MAIL, WEDNESDAY, JULY 28, 1954.

From lovely beaches where once only the figures of occasional rod fishermen were seen, Australians are winning a new wealth of great importance to the world at large.

At first glance you would not give much for the material the bulldozers are digging up. It appears no more than unattrac- tive black sand underlying the crisp white surface that glitters in a sub-tropical sun.

it

101

But this black sans has be- quantity, has been refined int Vafal vlement ani tatamanage visewhere

the I world, supermone High!

but Australiam deposits emnol be used heepuse of t relatively high chramdum content.

L

remove the ziren by electro- state means.

TRADE and

International Monetary Fund

Rigid Exchange Rates Not A Sham Stability

By Sydney S. Gampell

London, July 27.

Last year, Britain and some other countries were forcibly arguing that the IMF's rigid exchange rates were only a sham stability. Flexibility, they said, would allow gradual adapta- tion, whereas а fixed exchange rate builda up to some shock. This necessitates government intervention (and, sometimes, a violent change) and meanwhile invites speculation against the currency.

Britain no longer advances recent case of Peru, 1 not these arguments perhaps be-j mørely tolerated but actually cause she has since steti that helped to finance a doating ex- The Axity also tovites speculation | change rate,

In favour ot her Currency which 13 muets pleasanter,

Indeed both sides have shifted their ground: the IMF has come towarde flexibility while Britainį hns moved away from it.

The IMF has not yet made its peace with Canada but, In

the

World Cotton

Markets

The Bank for International Settlements Inferred a changy

in the Fund's attitude.

STRETCH POINT

are

COMMERCE SECTION

Ceylon Rubber Shipments

Colombo, July 27. With the departure of three shipments in the hear future, Ceylon will have completed this year's ex- port quêts of

of 50,000 tors of

sheet rabber to Red China AS contracted under the exising rice for rubber trado agreement between the two countries.

The steamer Wardwa will leave in a few dayn with 8,400 tons, followed by shipments of 2,100 and 9,000 ton.

Chira has, in the mean- dirde, agreed to accept ship- ments on next year's no- connt pending agreement on price for next year.

ber.

Addlilonal Inquiries_havo been received from China about Ceylon's crepe rub- of which aquantity han already been shipped. Additional shipments arc likely, according to 'trade sourcen--United Pres.

HONGKONG STOCK

Australian Sugar Company's Increased Profit

Profit of the Australian Colonial Sugar Refining Company, Ltd. increased by £A61,549 to a new peak of £A1,417,943 for the year ended March 31, 1954. Of this sum £A1,263,600 WOA distributed through the 9 per cent dividend which the company has consistently maintained.

The Company's assets arc valued at LA30,000,000 and 1- clude refineries, sugar mills, dis-· lileries, factories, ships, proper-j ties, and other investments in Australia, Fiji, and New Zeuland.

Directors stale that prospects for the 1934 sugar production | are good, following the record! yoor In 1953. but add that in 1955 Australia will have [u control production

nvold exeveding the export quota. Re- fined sugar sales in Australia, 460,000 tons, although a slight increase over the previous year, continue 193 be disoppolning,

-A.N.I.B.

EXCHANGE World Rubber

(From Our Correspondent)

Britain and

other European countles

are unlikely to take advantage of It. As they About 10 ask Mr Rooth to streich a polnt that they do want--access to his money

Business done on the long- they would merely queer their | Kong Stock Exchange this morn- pitch by also asking him to ing amounted to $027,211. Noon stretchi the exibility point quotations and the morning's which they do not #L present transactions: Want

Attitudes to the IMF have become much more polite. This Is not merely cupboard love.

As convertibility approaches, | INSURANCES" Beltain, formerly a very luke-

Union

#51 075 devotee

Underwriters 140 of niscrimination and the other SHIPPING

Waleeboat At the close the list ruled 3 things that the IMF stands for,

DOCKS, becomes its inosi devoted higher to 3 points lower. The

sincers udherent. market opened up to off 4 points. New Orleans closed off

New York. July 27,

indecisive fluctua-

Narrowly

tions and slow trade sur marised the picture in cotton futures today.

3 to up 3 points.

Were

treat with

sands CT( cluice.

On

worth

NON-DISCRIMINATION

and

the

non-

artd

non-

SOARES BUYKAS SELLERS SALES GOVT, LOANS 3154% (1049)

20,000 01 BANKS

IK Bank XD 1840 1853 501035 East Asia

134

14

NEW YORK

STOCK

MARKET

New York, July 27. Stocks moved ahend into new quarter century high ground today, with favour- able earnings and divi dend announcements helping many issues.

World Rubber Trading was moderately active

Markets

Singapore, July 27.

-2,690,000 shares compared with 2,110,000 yesterday-with miten of the demand centred in steels.

U.S. Steel, whese directors after the close reported lower sales and earnings for the first

and

declared the usual quarterly dividend was the day's most active issue. 11 rose point to $54.

Al times there was steadiness | half on short covering Induced by political features. Trade anch factories gave little support and prices sagged toward the close.

Future closings:

Na, 1 rubber per .

AUS

Sept.

+400

10.70 No. 3 rubber per ib. Aug.

Spol rubler ünbaled Blanket crepe

08-09% 604-001% unquoted

00-07 83-80

NEW YORK MARKET

340 730 1000 7.40

20

ETC. Whart

No. 2 rubber per 1h. Aug.

Dock

20 200

001-0015

Pevident (0) Wheelock

No. 4 rubber per ib. Aug.

500 49 14,00

--

714 723

200 kr 7.30

000 12

LAND ETC.

No. 1 pale crepe

HK Hotel...

10

other

BK Land

61

040 m 015

Humphreys

IN 40

DOOM 101

2.03 2.12

1000 2.10

Tram X.. .. 19 19.00 4100 Star Ferry

151

10.00

10

Yaumart Ferry

10-141

10.10 4460

C. LR (Ni Electric

13 13.20 300

331 33 700

.. 27 00

28 120

22.00

1.4.20

Putting teeth Into Neither buyers.

sellers discrimination nor inclined to go very fur Bretton Woods objectives is the out pending developments in only way to

the in- prevent (1) Crop and weather news; convertible currencies under- (2) Resumed activities in tex-mining the convertibility plan Üles (3) Senate action on the discriminations so

by teal developments; (5) A gauge rencies to convert. farm bill: (4) For Eastern poli- amass sterling and

and other cur-

extent of early new стор Moreover nobody has yet been Heulging.

bile

to think of anything better IMF-GATT advisory then Group as the forum and arbiter. In the past, both the IMF and GATT may have been a weari- ness of the flesh, but

people simply rould not face the in- tolerable tedium of having re-negotiate them all over again: it would take years, and events in the markets are t present moving too fast.

The Potal separation of black sends from zilies is enady done, One of its mi edituents

dig Willey tables that reject brutale, from which the mean

the lighter material by vibra- Lamumu i ben

mad

111 Geld gamets and cassiterite | tion. (The rutile-zur-ilmenite Europe and the United States. also exist 121

Amail concentrate VCTV

comes away wasily Witheat tifara.m.

ptomes | quantalies,

as each mineral has more than 3 vid

L be able to beraki

double the Foreile gavity of anning comthew Brst Until the though the sound barrive, June

Same

plants operet us just wer trego11 rket-propelled arasites pehjeve panie

sanda grade before World War 11, the besebes Humphry spirals, a separation Speeds to a expert f I reach 2,000 miles an hour,

buch been almost undisturbed devire In which abire nomadic aborigines kindled

dewa Moral Prewashed has been de er bed their

They their camp tres there.

while the heavy mineralise cl a. the wonder metal of modern are some of the mod beautiful!

J31191 ↑ particles full through a series of inda bas Pagh and extremely | brushes to be

J. and wheir holes to

སྙ*18

be cantand trwuy for WAR light. it weighs about half on the face of the gh be

wn further treatment. mvirk

proving the blue Pacific breaking inter- kert fog highered wrejft ni maubly

12*+* crisp white which the

Only 1 war-wight into sands.

Gevinumai 1 all-important.

than feherinara shack among virgin

of That, idamans

scrub remands you that "vvisa- Man stabbing up to lerville heat. The ton exists t so far away in med, dk feed the ela,en'rate by starrying towns ¦ envessor belt into 4011. Jong mukom, al je engines are writ; the prosperous the male 14 sompierser Hand hezhdars rewala

this rolery kiln of

Jrier. This is an bladder Wheel

A

fertile img24,

Fun casings.

serving the adding a to a, dten mættus befirm

dad purp

driving the designed A noted and heating it tu besche, a.kurably for the de- the right temperature for sub-coming out of the Texas

.

1

11

Mure

plake

Sabre Jets

Eb Sabzo 101 Bghter.

Jurstunee,

1 m

Today the United

Be

71

Wring

electrostatit

.

Prices see-sawed narrowly on naxed dealings between local professionals and routine

ad Justments by domestic mills and shippers.

Experts thought hedge selling was overhanging the market and was likely to increase øyer the ensuing weeks.

Some hedging Today woa credited to California necounts, † along with new prop ginning Rio Grande Valley.

Trading volumes and open in- terests in the Exchange today were:

Menth

N..ture

for

posting of which are wached out to rea by rivers Dam mountain country

for fem the fiat

COESL

while

-

sand at the centre or Forthern separating

action of suit langs at the instance, as the speed of rollers henviest concentration of black d

Splitter-blades

Onl

Dee

sition

July

34,700

rutite-limonite fav

Ort

Der

Tull

mineralised sands.sequent processing.

The tem- pasture mall-important, for the next stage is delicate one invalving electrostatic separation benches run aoria ani south, methods. V4

heut prevailing w.n.ds are profurally affect the separating State outh-easterly. As a reall the machinery: such maleus. for securing the world for supplies large

to ment Chough fecturing demande. In February

11.

Umier 1954,

States Air Race Material

Command an- thal

i needed up 1 150,000 tons of relined tilanhu

the year. equivalent of some 300,000 tons of rutile, for a material loss cf nearly 50 per cent opCIN'S making titanium.

100

That

Is

in

end of each beach, where there ziren, as well as the wear and 1 wually a headland or some tear on brushes. Temperature other natural barrier to retardad

to adjustments have alro any further northward drift of makle

take number et the sand.

variables Into

the particular moisture content of the feed, rate of feed, outsicle temperatures and the humidity

The timeless rhythm of wind and wave and the ebb and flow of tide have brought about this buried wealth,

of the air.

A account

The skilled operator, in fact, has to make adjustments for the If a hot, dry westerly weather. wind is blowing the feed will re quire less heat than on humid

Difference

lintre Open_atterest

2284,500

424,700

300,300

*70.200

162,300

G0,400

10,800

0,100 4,000 200 133 000

NEW YORK PRICES

1,765,200 baler

New York. July 27. Prices of cotton futures today closed as follows:

Spot Ort

Dec.

Mar.

May

July

Ort

Doc.

33.430 $4,40 34.83-05

34.87-03 34.84-83

24.0219 37.79b

33.003

NEW ORLEANS PRICES

LIFE OF OWN

Light 101

Telephone

INDUSTRIALS

Cement

Rope ATORES, ETC.'

Duiry

New York, July 27. Rubber futures today closed unchanged to 10 points lower with sales of 45 contracts.

Dullness provalled in one

Spot

in 13 33% 200 23

120 stuet market as factory buyers 500 20.10 continued to mark tine.

No. 1 Rs were quoterl at 24 cents a pound. Future closings:

Sept.

30022

7500 22.

24 26 10 1000 A 20.10

New York Wool stealy with spot firmer at 2054

Vanadium Corp., climbed more than four points on heavy demand generated by a two-for- one stock split proposal.

General Dynamics rose two points, reflecting oward of a $17,800,000 navy contract for a Snorkel submarine.

A few issues, however, re- acted to unfavourable announce- ments, including Electric Auto- lite, down 2 on sharply lower net Income.

For the most part, however, prices were higher, with 017 jasues higher out of a total 1,120 traded. There were 339 lower. Rails had gains rangert to more tham 2 points, despite current earnings reports show- ing lower net in most instances.

Alrcrafts,

sharp yesterday gainers, held frm, with Bendix featuring on a point gain. Texas Company rose 2 and Shell a point.

The

34.50

Dec

24.83

12 20

Mar.

24.00

1100 1.26 10

May

25 ло

SU

Watson COTTONS Texilie Yontre X6 500 Allies

Corp.

11.50

7.30

July

23.05

LONDON MARKET

4.096 1000 4.03

1209 61.0215

London, July 27. The rubber market was

pence per lb. Prices:

No 1 Rus spoi

2018-207%

Settlement house term:

Sept

2015-2034

Oct/Dec.

2017..2050

Jan/Mar.

Apr./June

20-28- 2015-2022 Were:

Auf

Sepil

Sinte ereje tilek

Wool

Tops

New York, July 27.

closed today tops points higher to 1 point lower. Fricts in cents per ib. were:

2014.06 204 Ja

It is plainly hoped that the Advisory Group, though without executive funcilons, will develop some life of its own, Indepen- dently of its two parent bodies. Whe Its membership would not re- IMP's whole-time semble the directors, resident in Washing- loh and in constra. danger of losing touch

with their own with the world Mar countries and outside the District of Columbia, Keynes regarded it as a tragedy that the headquarters the

of

IMF

should be in Washington,

a political centre. Some Con- tinental experts think that t will never do any good so long gs it slays there, but they muy be out of date.-Reuter,

New York Metal

Futures

New York, July 27.

Oct.

Der

Jut

May

July

Dec.

Spot

2010b

203.53

202,577 zymti,

203,06

202.Cu

1400.5k

201.00

300,00

159.5%

199.00

190.45

201.5 nom.

bobid nasked

-United Prera,

LONDON WOOL TOPS

London, July 27. The wool tops futures market closed steady but the turnover Prices In only 20 lots.

closed

was pence follows:

per

Sept,

Oct.

Dec.

Jan.

Mar.

May

Judy

Sept.

Oct.

New Orleans, July 27, Prices of cotton futures today closed as follows:

today follows:

in cents per

ib, as Jan,

Apot

34.38

Lead July

$3.05

Oct.

34.30

AUR.

13.54h

Doc.

34,40

Tin

July

05.200

Mar.

34.81

Aug.

05.00

May

36.00

Zine

July

10 JAN

July

34.83

Aug.

10.275

uhomeinl

Oct

Copper July

29.00h

Dec.

Aug.

Prices of meta¡ futures closed | Dee.

***United Press.

LONDON METAL, PRICES ··

Consequently its production is costly. But titanium remalis uni

The black rands--a concentra- ericutful material and, what- ever the cost, the demand will tion of rutile-zircon-ilmenite

are found in scams. largely be continue to grow.

tween

extreme low tide and Australi, the world's chief

was able to high tide levels, buried beneath summer days. of rutile, Sourte

of

firm white supply more than 42,854 an overburden tous in the year ended June 30, sand. The seams are generally thickest at the landward edge of 1953, representing Inte more

beach, than 20,000

tapering off towards Because of the silght difference tons of titanium.

The sca. However, future supplies can be

Dreper deposits, in the specifle gravity of the 10rt down, are also three minerals, their separation considerably increased, for large

perhaps

casy. (Zircon reserves exist long her Pacife to be found further back long is by no means

tides the benches, where

no has a specific gravity of 4.5, shorts.

longer reach today.

rutile 4.4 and Ilmenite 4,2). The principal deposits lie on occan beaches extending some The mining process is ex- The clectrostatic method 50 miles on both sides of the tremely simple. Nothing mors entails delivering a charge to Queensland-New

South Wales is needed then a bulldozer or the concentrate as it pass29

LIVERPOOL MARKET border, There is a 400-mile mechanised scoop and a diesel- through complex separation stretch along this coast where operated dragline for loading machinery. The charge repels

Liverpool, July 27. black sands are found, but only ore into trains or moter trucks. the alreen particles, which are

Closing prices, American mid- ота rubber rollers, dimg cotton, more

15/18 inch, in rutiio-ilmchite

pence per lb., were sa follows: high enough to make recovery reaches the nearby treatment continues

separate economic. Te mining

Oct/Nov. stream for further treatment by com- plant.

Dec Jan. panies are now at work

beach

a magnetic

Since separator.

Mar/Apr between Stradbroke Bands

Until a few years ago black ilmenite can be magnetised, but May/June Island,

cast of Brisbane, and sands were

July/Aug.

3-month splitting away merely separated not rutile, the

Ometal price for spot cottons Copper pot Byron Bay. 30 miles south of from the silles, then bogged and of these two minerals under a Included:

Sinonth the border, in New South Wales, shipped overseas, mainly to the powerful magnet

Is relatively American middling 16/1 inch 31.03 Lead July The highest grade ore is found United States. Much

1ch 03.01 waste simple.

Mexica middling 141/31 1th 1910, zine July on this short section of coast. material was included, which The companies which first Peruvian Tanguis, good 1-3/10 4.00 Proved reserves

heavy pushed up draight costs, and soporate the ilmoille

employ

Others were unchanged. nearly further separation had to take much the same methods, but in

SÃO PAULO MARKET 750,000 place at the other end to ex-a different order. Once, zircon

tract utile from the

Sao Paulo, July 27. 2lreon menita

Concentrate. they

further Moo undergo

Cation futures closing prices, The rest of the material had no magnetle treatment reftie the in cruzeiros per kilo WATO' AS ecoñomhle use.

prout product and extract any such follows: impuriting. 03 starnet and

•

In this 50-mile sector has the

die But

operations become.

when the

rutile content been considered complicated

tons of this is ruille.

of

minimals there

total

2,500,000 tong

Some

Zire Circon

ore

liccted

the

an in

rutile particles have been

en removed,

1.

02.08

31.90

31.99

31.04

कक्ष एक

The other minerals found in these black libile are not of Modern Austrian platite mortažite. The lailor máy anh much necount at present, except make a complete separation of day prove of industrial value zirech. This, k, widely used as the three minerals, biberent for It contains

I shall pers In the methods are used, for some comes thorium, Thorhim Has average pkler) of 18/10, miking a corrosive resistant

Which is agradio- On the United," giales making of this cement and paisten begin by removing the netive element,

intensity valuable propertise,

Ak ceramics, Australia's Sutout or imenie, with

AVOI

aireen for the year ended June makselle separatore, leaving a be used in the making of whe 34,58-cents à bântă, v kalba

20,804 30, 1953,

concentrate for mantles and is also of interest at there contres totalled 15,891": tons, rulle zreon monite, which also occurs in further procèming; others' first to nuclear scientista.N.I.B.. balea)---United Press.

Woo

ib.

14535-14645 24435-140 142-144

14132-24134 140%-140

13816+1203% 1379-138 13012-137

United Prem

General markets, eif baste, poris

thin

2014-BORE

N.Y.

Exchange

Block bond volume was $4,371,000.

The American Stock Exchange volume was 100,000 shares.

DOW JONES AVERAGES

Dow Jones closing

30 Industrials

20 rail

209-2015

ungtatra

15 tien

2415 nom.

AMSTERDAM MARKET

Amsterdam, July 27.

The rubber market was quiet,

Flacke

40 hits

Comm. Tutture price index

averages

344.00 119,58

107.00

101.01

United Prom.

Prices today closed in guilders CHICAGO GRAIN

Per

kilogram, CIF

Aug. os

follows:

No. 1 rubber

2.00 nost.

1.90 hod.

1.97 nom.

No. rubber No. 3. rubber

No. 1 repo

2.40. nom.

United Pres.

MARKET

Chicago, July 27. Soybean and

futures corn continued strong on the Board of Trude today with dry weather over the main growing arcne again in a main considera- tion among traders,

New York Sugar, whent and rye opened strong.

Market

New York, July 27,

Exchange Rates day closed 1 point higher to

5,70

but profit taking later knocked support from these futures.

Föreign trade was slow, but exporters received word that

World No, 4 sugar futures to-Portugal would like to buy 760,- 000 bushels of U.B. red and 1 point lower with sales of 259 hard wheat later this week.

Wheat closed off 2% to 3% cenis soybeans up 0% to 10 echte.

1.9

7,40 (per 100)

62

Business was done in the local contracts,

thia exeliange Innrket muming at the following calorim Domestic No. 8 sugar futures

B. dollar (per $11***** 20.000

Sterling notes (par £1)

15.88 closed 2 points lower to 1 point

At Indonesian rupiah (por 100). 1930 higher with sales of 40 contracta,

Winnipeg, wheat WAS Slam-ticals (per 100)

priced at 1024′′ a bushel for. Singapore (Straits)

World futures were narrowly No. 3, Northern, and for No. 5, Indo-China plastres

Irregular with a firm undertone it was at 150% cents.

atvalt traders

possible developments in Cuba aimed at firming the world free market.

The International ? Sugar, New York, July 27. Council'la scheduled to' meet in Pepper prites softened a little London this week in an effort to more today as recent buyers re- arrive at some means of pre- dipus meined reserved, or preoccupied venting any further Price

London, July 27. Prices of metal closed today at the end of the official morn- ing session in sterling per long ton as follows:

Bellers 747

Tia spot

buyers

740

23536

230

NEW YORK PEPPER MARKET

155) with registering purchases made declines. Future closings. 7511 on the recent upswing,

JomÜnited Prosa,

Malabar was quoted Contract No. 4 (world)

Spot around 89 cents a pound, with afloats: 84: down to 07 conis,

Sept.

Oct.

手

May

July

tomson per ih, eats Cuba)

NEW YORK COFFEE depending on steamer position;

FUTURES

Sarawak astoats similarly were j March 70. «cents down to 85 pènts ja poundUnited Press;

Santos "5" come sutures, to- NEW YORK COCOA Contract No. 4

New York, July 27,

day elösed 29 10 41 bolnik lower with" sales inf: 180 contračiai

May

PRICES

Corák suluse Eaton ipal

281 ARM

Press.

in

07.50

United Proas

per

CARARAK

13

Bept.

CHICAGO PRICES

Chicago, July 27. Prices per bushel in conts;

Closing Prices Wheat, No. 2, red

(1)” 2004(L)

Dec.

May

Dept.

MAY

Nept.

110-12

Qiti

110-40